The electric scooter company Bird is on the verge of insolvency, according to its reports to the American Securities and Exchange Commission in recent days, after it became clear that it had inflated the report on its revenues from 2020 until the beginning of the year. “We have to reduce expenses or close some or all of our activities,” the company announced yesterday (Monday). “Another option is to seek protection from creditors during bankruptcy.”
● The meteoric jump and the crash: the CEO of Pagaia tells about the behind the scenes of the company that drove Wall Street crazy | Interview
● Why is Amazon firing in the middle of the strongest quarter of the year? | Interpretation
Last Friday, the company reported that the way its revenue was calculated from the first quarter of 2020 to the second quarter of 2022 was fundamentally wrong, and that “past reports cannot be trusted.” Apparently, the revenue inflation was done in a way that recognized the money loaded into the digital wallets as income – and not as money that is in the possession of the users and has not yet been redeemed.
Expansion immediately.